In late morning trade the S&P/ASX 200 Index (ASX: XJO) has continued its positive run and is pushing higher. At the time of writing, the benchmark index is up 0.7% to 6,680.6 points.
Four shares that are climbing more than most are listed below. Here’s why these shares are storming higher:
Fortescue Metals Group Limited (ASX: FMG)
The Fortescue share price is up 4% to $21.44. Investors have been buying the iron ore producer’s shares after the price of the steel making ingredient continued its ascent. On Friday the spot iron ore price jumped a further 5.4% to US$145.30 a tonne. This has been driven by strong demand and news that mining giant Vale is cutting its production guidance.
Metcash Limited (ASX: MTS)
The Metcash share price has jumped 9% higher to $3.51. This follows the release of a strong half year result this morning. For the six months ended 31 October, the company reported a 12.2% increase in group revenue to $7.1 billion and a 43% lift in underlying profit after tax to $129.6 million. This was driven by strong growth across all its segments during the half.
Nuix Ltd (ASX: NXL)
The Nuix share price has surged a further 14% higher to $9.10. Investors have been fighting to get hold of the investigative analytics and intelligence software provider’s shares since it listed on the Australian share market last week. The Nuix share price is now up over 71% since hitting the ASX boards at a listing price of $5.31.
Xero Limited (ASX: XRO)
The Xero share price has pushed 2.5% higher to $136.28. The catalyst for this has been a broker note out of Goldman Sachs this morning. According to the note, Goldman has initiated coverage on the cloud-based business and accounting software company’s shares with a buy rating and $157.00 price target. Goldman Sachs likes Xero due to the quality of its offering, its large and growing total addressable market (TAM), and its attractive unit economics.
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Returns as of 6th October 2020
More reading
- Metcash (ASX:MTS) share price jumps 8% after strong first half growth
- Why ASX iron ore stocks are set to rally today
- Leading broker puts buy rating on Xero (ASX:XRO) share price
- 5 things to watch on the ASX 200 on Monday
- How to get a passive income of $50,000 per year from ASX dividend shares
James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Xero. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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